Thursday, September 28

4 Keys to Successfully Launching Your New Business Venture

4 Keys to Successfully Launching Your New Business Venture

The journey from employee to entrepreneur is a fascinating experience. While working for someone may have satisfied you for a time, suddenly you understand that there is a greater passion and mission calling to you. It’s no longer acceptable to simply climb the corporate ladder and get good raises each year. There’s a deep yearning to create something of your own. As you think through possible business ventures and refine exactly what you want to create, there are some key things you can do to help assure entrepreneurial success. By taking the time to work on these cornerstones to success you can help make your entrepreneurial dream a reality.

Perfect Your Elevator Speech

If you truly have a business focus and you have refined your value proposition you are on the road to being able to give a great elevator pitch. You need to be able to summarize your business and its unique and enticing value in a couple of sentences. Your elevator pitch is, in essence, your one minute in-person commercial reel.

When you practice your speech and it becomes second nature, you will have what you need to start selling your business idea or product to anyone, anywhere.

Get All the Training You Need

Before you leave your corporate job and start your new venture, be sure to get all the training and education you need. You want to build your skills and knowledge before you start your new company because once you begin the new venture there won’t be time to spend hours and hours in school. Education can be expensive so you may want to pay for it by taking out student loans. Once you start making student loan payments you can always refinance your loans and select a new lender who can get you a much better interest rate. With a new rate and loan package, you’ll save on your monthly payments and greatly reduce your total interest cost.

Master the Art of Leveraged Selling

One of the biggest things you need to wrestle with as a budding entrepreneur is how you are going to get your customers. If you don’t know your customer sales channel, you don’t have a business.

While there are a lot of ways to attract new customers from online marketing to SEO and other methods, one of the best ways to get customers and close sales is through referral selling. When you do this you leverage your effort and reach by selling yourself and your business to people who, in turn, recommend you to your end clients. If you are successful in doing this, by the time you connect with future customers you will already have a foot in the door because the recommender said they should talk to you.

Niche Down

When you start a new business venture, it’s often tempting to simply select an area and go for it. This plan falls apart as soon as you start to craft your marketing message. You need to fine-tune your focus and pick a niche where you can be the winner and can truly satisfy client needs and relieve their pain points. When you niche down you will be able to craft specific marketing and sales messages that perfectly appeal to your potential customers. 

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